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Installment Agreements

IRS Installment Agreement Lawyer

An IRS installment agreement is a payment option that allows you to pay your tax liability over a period of time. Interest and penalties will continue to accrue until the tax liability is paid in full. In order to qualify for an installment agreement, you must be fully compliant with the IRS filing requirements that no tax returns can be outstanding.

Some installment agreements require that you submit a financial disclosure. The IRS will determine your ability to pay based on your financial disclosure. The disclosure can help you prove to the IRS that you cannot afford to pay your full tax debt and thus may qualify for a Partial Pay Installment Agreement. Conversely, the IRS can determine that you can afford to pay more in monthly installments or even pay the entire debt in one payment, and can expect you to do so.

Kresch Tax Resolution Services can help you determine which installment agreement has the most benefit to you.

Guaranteed Installment Agreement

Guaranteed Installment Agreements are available when you owe $10,000 or less in back taxes, excluding any penalties and interest, and can afford to repay the balance in three years (36 months) or less. You will not be required to submit a financial disclosure to the IRS. Kresch Tax Resolution Services can help you determine whether you qualify for this installment agreement and whether it is the best choice for you.

Streamlined Installment Agreement

Streamlined Installment Agreements are available when you owe $50,000 or less in back taxes, excluding any penalties and interest, and can afford to repay the balance in six years (72 months) or less. You will not be required to submit a financial disclosure to the IRS. Kresch Tax Resolution Services can help you determine whether you qualify for this installment agreement and whether it is the best choice for you.

Partial Pay Installment Agreement

A Partial Pay Installment Agreement is an agreement in which you will not be required to make full payment of your tax liability. You will be required to submit a financial disclosure to the IRS. The IRS will accept this plan if it believes, based on your financial limitations, you will not be able to pay the entire tax debt before the statute of limitation for collection expires. The IRS has up to 10 years, subject to exceptions, to collect a tax debt after the date the tax was assessed. This installment agreement is similar to an Offer in Compromise agreement, except it is easier to qualify and faster to implement. Kresch Tax Resolution Services can help you determine whether you qualify for this installment agreement and whether it is the best choice for you.

Non-Streamlined Installment Agreement

A Non-Streamlined Installment Agreement is when you owe more than $50,000 in tax debt or you are unable to pay off your tax debt within six years (72 months). This installment agreement will need to be negotiated with an IRS revenue officer. You will be required to submit a financial disclosure to the IRS and you may be required to sell some assets as a condition to this type of installment agreement. In most cases, the IRS will file a tax lien with your other creditors to secure its interests. The IRS will allow you to pay down part of your tax liability in order to qualify for a Streamlined Installment Agreement and thus avoid submitting a financial disclosure. Kresch Tax Resolution Services can help you determine which installment agreement is best for your circumstances.

If you have been contacted by the IRS, Comptroller of Maryland or DC Office of Tax and Revenue, contact Kresch Tax Resolution Services without delay for a free consultation.

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